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Alex Echeandia's Blog

By Alex Echeandia | Mortgage Broker
or Lender in Rockville, MD

The New Mortgage Conforming Loan Limits


The Federal Housing Finance Agency (FHFA) publishes the conforming loan limits annually that apply to all conventional mortgages that are delivered to Fannie Mae, including both the general loan limits and the high-cost area loan limits. High-cost area loan limits vary by geographic location.

The general loan limits for 2011 remain unchanged from 2010 (e.g., $417,000 for a 1-unit property in the continental U.S.).  The Following are the maximum loan limits :

Maximum Original Principal Balance for 2011

Units        Contiguous States, District of Columbia,        Alaska, Guam, Hawaii, and

and Puerto Rico      the U.S. Virgin Islands

1       $417,000     $625,500

2       $533,850     $800,775

3       $645,300     $967,950

4       $801,950     $1,202,925

 

For loans originated on or before September 30, 2011, the "temporary" high-cost area loan limits will apply and will be the same as the 2010 high-cost area loan limits, up to a maximum of $729,750 for a 1-unit property in the continental U.S. Loans originated on or after October 1, 2011, will use the "permanent" high-cost area loan limits established by FHFA under a formula of 115% of the 2010 median home price, up to a maximum of $625,500 for a 1-unit property in the continental U.S.


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Comments

By Brent Mendelson,  Fri May 6 2011, 14:00
Good post and better information.
By Alex Echeandia,  Fri May 6 2011, 14:11
Thanks!
By Timothy M. Garrity,  Fri May 6 2011, 15:03
Good post, Alex.

TG

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